The subject system and method are generally directed to establishing a smart electronic wallet equipped with a reconfigurable transaction card therefor. More specifically, the subject system and method are directed to providing a smart wallet which is able to capture account numbers and other information encoded on, for example: credit cards or other encoded cards and instead provide a single-reconfigurable transaction card in their place to dramatically reduce the number of cards or other such account, access, validation, or value bearing transaction devices a consumer is obliged to carry.
Today, consumers carry many extraneous instruments in their wallet which may include credit cards, gift cards, debit cards, reward cards, insurance cards, access cards, stored value cards, transportation cards, identity cards, and the like (interchangeably referred to herein as “transaction cards” or “transaction devices”). With the staggering number of different transaction cards carried, the size of a wallet or purse tends to be unnecessarily bloated and uneven wear is exerted on the wallet and a containing pocket or purse. The additional weight and bulk may pose postural or ergonomic risks, especially if the wallet is carried in a pocket, such as a pinched sciatic nerve, lower back pain, and contribute to a general feeling of uncomfortableness—especially while sitting. Moreover, carrying so much personal information, credentials, and cards allows for intrusion by any person gaining access to the physical wallet to also access the transaction cards (and encoded information) contained therein. Each traditional single-use transaction card, in addition to the minimally needed account number, may also maintain a trove of personal data thereon including a card-holder's name, billing address, pin-number, and the like. This leads to a less than ideal situation where an inefficiently heavy and large wallet or purse is carried around to provide storage for all of these transaction cards that each have duplicative and unnecessary personal information thereon.
Aside from the inconvenience of a large wallet or purse, so much readily-accessible information may unduly expose the owner of a lost wallet to identity theft. Further, in the event a wallet is lost or stolen, an owner must go through the trouble of enumerating each and every card contained therein and contact all of the issuers (usually within 24 hours) to cancel the cards—or be held responsible (potentially even financially) for their fraudulent use. Still further, with certain services having recurring payments being tied to specific card numbers, not only must the owner contact the card-issuers, but often times, the owner must also contact any service providers billing to the lost card numbers—or suffer refused transaction penalties.
There is therefore a need for a system and method for providing a secure, compact, light-weight smart wallet system equipped with one or more reconfigurable transaction cards.
There is therefore a need for a system and method which allow for carrying a reconfigurable card in place of a plurality of single-use transaction cards.
There is therefore a need for a system and method for establishing authentication measures to restrict access to various transaction cards and the personal information stored thereon.
There is a need for a system and method for facilitating an on-line or virtual exchange of transaction cards between consumers.
There is a need for a system and method for securing the flow of private information contained on transaction cards.